Exercise 19-7 Cost flows in a job order cost system L.O. P1, P2, P3, P4
The following information is available for Lock-Down Company, which produces special-order security products and uses a job order cost accounting system.
The following information is available for Lock-Down Company, which produces special-order security products and uses a job order cost accounting system.
April 30
May 31
Inventories
Raw materials
$
32,000
$
43,000
Goods in process
9,800
19,200
Finished goods
66,000
33,800
Activities and information for May
Raw materials purchases (paid with cash)
189,000
Factory payroll (paid with cash)
500,000
Factory overhead
Indirect materials
8,000
Indirect labor
67,000
Other overhead costs
115,000
Sales (received in cash)
1,400,000
Predetermined overhead rate based on direct labor cost
55
%
Compute the following amounts for the month of May. (Input all amounts as positive values. Omit the “$” sign in your response.)
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